Canadian heavy crude's discount to West Texas Intermediate (WTI) widened on Friday. Western Canada Select (WCS) heavy blend crude for April delivery in Hardisty was trading at $11.35 per barrel below WTI, according to NE2 Canada Inc, widening from Thursday's settlement of $11.10 per barrel below the benchmark. Despite Friday's widening, the heavy differential has remained relatively tight due to strong demand from U.S. Gulf refiners after the recent Texas storm and talk that pipeline [Read more]
U.S. oil & gas rig count falls for first time since November
U.S. energy firms cut the number of oil and natural gas rigs operating for the first time since November even as crude prices soared to their highest since 2018. The U.S. oil and gas rig count, an early indicator of future output, fell by one to 402 in the week to March 12, according to data on Friday from energy services firm Baker Hughes Co. That count is 390 rigs, or 49%, below this time last year. The oil and gas rig count, however, has increased for the past seven months since [Read more]
Ovintiv nears south Texas asset sale for over $800 million
Ovintiv Inc is in advanced talks with a privately-owned energy investment firm to sell its holding in a south Texas shale basin for more than $800 million, sources familiar with the matter said on Friday. The sale of its Eagle Ford acreage would mark a milestone for Denver-based Ovintiv, which is on a multi-year debt reduction plan it outlined in February. The plan includes generating about $1 billion from divesting assets. Ovintiv's shares have gained over 90% so far this year, amid a [Read more]
Brookfield says committed to hostile Inter Pipeline takeover
Investment firm Brookfield Infrastructure Partners said on Thursday it is committed to its C$7.1 billion ($5.65 billion) hostile takeover offer for Inter Pipeline Ltd despite the pipeline company's board turning down the bid. The largest individual shareholder in Inter Pipeline said it welcomes the board's "efforts to market test the offer against other take-private proposals", adding that its offer is in the best interest of the Canadian company's shareholders. Inter Pipeline on Tuesday [Read more]
Heavy crude edges wider, holds within tight range
Canadian heavy crude's discount to West Texas Intermediate (WTI) widened slightly on Wednesday: Western Canada Select (WCS) heavy blend crude for April delivery in Hardisty, Alberta, last traded at $11.15 per barrel below WTI, according to NE2 Canada Inc, widening from $10.95 per barrel below the benchmark on Tuesday. The heavy crude differential remained within a narrow range between $10.80 per barrel and $11.80 per barrel below WTI that it has traded in since early February. Light [Read more]
Oil rises on OPEC+ supply restraint and brighter economic forecast
Oil prices rose on Wednesday, supported by an OECD forecast for global economic recovery and by OPEC+ oil output curbs, though gains were capped by rising U.S. inventories. U.S. West Texas Intermediate crude rose $1.05, or 1.66%, to $64.84. Brent crude rose $1.18, or 1.73%, to $68.34 a barrel. The pandemic-hit global economy is set to rebound with 5.6% growth this year and expand 4% next year, the Organisation for Economic Cooperation and Development (OECD) said in its interim economic [Read more]
Oil prices steady on expected economic recovery, likely drawdown in oil stocks
Oil prices remained steady on Tuesday on expectations of a recovery in the global economy after U.S. Senate approval of a $1.9 trillion stimulus bill and on a likely drawdown in crude oil inventory in the United States. But a stronger dollar and receding fears of oil supply disruption from Saudi Arabia after an attack on its oil facilities capped price gains. U.S. West Texas Intermediate (WTI) crude for April dipped 10 cents, or 0.16%, to $64.52. Brent crude futures for May dropped 2 [Read more]
Brent cracks $70 for first time since pandemic began after Saudi facilities attacked
Brent crude futures jumped above $70 a barrel on Monday for the first time since the COVID-19 pandemic began, while U.S. crude touched its highest in more than two years, following reports of attacks on Saudi Arabian oil facilities. Brent crude futures for May reached $71.16 a barrel in early Asian trade and were at $70.76 a barrel, up $1.40, or 2%. U.S. West Texas Intermediate (WTI) crude for April rose $1.32, or 2%, to $67.41. The front-month WTI price touched $67.86 a barrel earlier, the [Read more]
Canada unveils GHG reduction credits to boost carbon trading market
Canada released draft regulations on Friday detailing how projects that reduce or remove greenhouse gas (GHG) emissions can earn tradable credits, a major part of the government's climate plan as it aims to cut carbon emissions. Canada, which is the world's fourth-largest oil producer and one of the highest greenhouse gas emitters on a per capita basis, has committed to reducing its climate-warming GHG emissions to 30% lower than 2005 levels by 2030, and is targeting net-zero emissions by [Read more]
U.S. drillers add oil and gas rigs for second week in a row
U.S. energy firms this week added oil and natural gas rigs for a second week in a row as crude prices soared to their highest since 2019. The oil and gas rig count, an early indicator of future output, rose one to 403 in the week to March 5, still its highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday. The total rig count has increased for the past seven months after dropping to a record low of 244 in August, according to Baker Hughes data [Read more]